Key Takeaways when Buying a Practice

 

• Find the right clinic for you the first time; there are no do-overs.
• Owning a clinic is like owning a dog; it’s a long-term commitment that requires constant attention.
• Be 100 percent sure that owning a dental practice fits your personal and professional goals, aspirations, and capabilities.
• Owning a dental practice means managing a clinic; it requires leadership.
• Practice ownership is an excellent investment, but the financial exposure of ownership is not for everyone.
• Be confident you can handle the pressure of meeting your monthly financial obligations. Just don’t get into arrears with the bank, or you face the prospect of them shutting you down.
• Build a team of capable advisors knowledgeable about dental transitions to assist in the purchase. Inexperienced advisors can cost you money and maybe even the deal.
• Get your spouse onside, especially concerning location.
• Use a short-term associateship to hone your clinical and patient communication skills and learn as much as you can about how a clinic should be managed. However, enjoy the benefits of ownership as soon as is feasible. Don’t wait too long.
• The financial benefit of taking the early practice ownership route is significant. Many practice owners generate more than twice as much income as that of an associate.
• It is better to overpay for a good practice than get a poor one for cheap.